Support The Moscow Times!

Moscow Tops List for World's Fastest-Growing Luxury Rental Prices

Denis Abramov / Vedomosti

Moscow has the world's fastest growing prices for luxury rental property, a study published Wednesday has revealed.

The Prime Global Rental Index by real estate consulting firm Knight Frank charts price rises in the top 5 percent of most expensive properties in 17 of the world's major cities.

The study showed that the cost of high-end rental properties in the city had grown by 11.1 percent in the last year, with 2.9 percent growth in the last quarter.

In second place was Tokyo, with a 9 percent rise,  and China’s Guangzhou with 4.8 percent.

According to Knight Frank's figures, the average rental price of a luxury apartment between 80 and 150 square meters in Moscow currently stands a 220,000 rubles ($3,440) a month.

Despite a significant slowdown in the Russian economy, "sizable infrastructure investments combined with a recovery in the oil price" had driven the high growth in Moscow's prime rental market, the report said. 

Read more

The need for honest and objective information on Russia is more relevant now than ever before!

To keep our newsroom in Moscow running, we need your support.